Jay Penske sells stake in company to big Saudi investment fund


Jay Penske sells stake in company to big Saudi investment fund
Jay Penske sells stake in company to big Saudi investment fund

Jay Penske has offered a minority stake of his media corporate, Penske Media Corp., to Saudi Arabia’s Public Funding Fund, The Post has realized.

The fund has invested “over $2 HUNDRED million money — with any other $25 million being invested in a joint venture within the Center East and North African region, according to a source close to the company.

it could now not be immediately learned how massive a stake PIF will receive in PMC, which owns Variety, WWD and in December bought a controlling stake in Rolling Stone — however one industry source stated the money infusion valued Penske’s corporate at round $1 billion.

A PMC spokeswoman wouldn’t comment on any possible investment but confirmed that Penske keeps to control “smartly in way over 51 p.c of the corporate.”

Reached through The Put Up on Tuesday, Penske, the company chairman and chief govt, wouldn’t comment on any imaginable deal.

“At The Same Time As I won’t comment on the investment and its details, I’m so proud that PMC has constructed a business identified by this level of capital,” Penske said in a temporary interview. “ We’ve succeeded now not via hype, collection of users or the longer term promise of the industry; as an alternative, our luck relies on profits and results to boot as certainly one of the finest teams in media.”

The Saudi-based totally PIF, possibly very best known for its technology investments, has just lately been in talks with virtual reality corporate Magic Leap for a $400 million funding, in step with reports.

PIF used to be also lead investor in SoftBank’s $100 billion tech fund, the Vision Fund, by which it dedicated $45 billion of capital. PIF used to be also the lead investor in Blackstone’s $FORTY billion infrastructure fund, by which it devoted $20 billion.

in additional consumer-going through deals, PIF made a $3.5 billion funding in Uber, in addition as a $1 billion cash infusion in Virgin’s area firms.

Penske has been following a plan of scooping up distressed media houses — as in the Rolling Stone deal — the majority of which have a broader cultural importance in entertainment and fashion.

Based in 2004, PMC began as a tool/media corporate that equipped digital media services to manufacturers. years later, Penske, who’s the son of billionaire Roger Penske, began operating and construction its personal media portfolio with mail.com — offered in 2010 — and Nikki Finke’s Deadline.com in 2009.

Three years later, PMC purchased Selection, the suffering Hollywood business, from Reed Elsevier, And Women’s Wear Day By Day, the fad trade paper, from Condé Nast in 2014.

Penske additionally scooped up the Robb File, a niche luxurious mag, from Dan Gilbert, the landlord of the NBA’s Cleveland Cavaliers and Quicken Loans, in 2016.

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